Apple Inc. shares go down due to persisting worries over iPhone X sales

Apple Shares

The stocks for Apple Inc. went down due to the continued worries surrounding the sales of the iPhone X.

Katy Huberty, an analyst over at Morgan Stanley, cut her price target for Apple stocks from 205 to 200 as well as keeping her overweight rating on the stock. According to her the worries over Apple’s flagship mobile phone sales had a considerable effect on her decision to cut down her price target for the tech giant.

The stocks for Apple went down by 1.8 percent and closed at about 171.11. On January 18, Apple went up to a record high of 180.10 but was weighed down by the worries over the lessening demand for the iPhone X.

Apple has gone through at least two downgrades from analysts and one price-target decrease in the past two weeks.

Due to recent order cuts for the iPhone, Nomura Instinet had to cut its price targets on seven few Asian companies that are involved with the iPhone’s production on Thursday.

There were seven Asian companies in total and out of the seven companies only Himax Techonolgies kept its buy rating despite dropping from a price target of 12 to 10.

Himax Technologies rose by 3.5 percent to close by 8.36.

According to a report from Nomura, it had kept an eye on the order cuts from the iPhone X in the last two weeks. From the previous prediction of 23 million, Nomura now predicts a production of 18 million units. For the second quarter Nomura predicts production to go down from 13 million units from its previous prediction of 19 million.

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